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Retirement does not necessarily mean the end of your work life.
 

WHY RETIREES ARE GOING BACK TO WORK

 

If you’re like many people, you may have thought of retirement as an endless string of easy-going days spent enjoying your family, travel and hobbies but increasing numbers of retirees are finding that retirement means a return to the work force.

 

One reason behind this trend of back-to-work retirees is the increased longevity of Americans. A person who is 65 today can now expect to live to age 83. That’s an increase of four years over 1960.

 

Living longer means an individual needs to have adequate income to cover those extra years of life.

 

  

 

 

 

 

 

 

WORK AFTER RETIREMENT

In the past, retirees often relied upon pension plans to help underwrite their retirement. But many companies have slashed pension plans leaving retirees without any benefits to supplement their Social Security income. In other situations, individuals retiring before the age of 65 have been relying upon access to an employer’s health plan and then planned to convert over to Medicare at age 65.

 

But in order to control rising expenses, many companies now require employees or their retired staff members to make payments on health insurance premiums. The costs of those premiums along with the cost of prescription medications are causing many a budget to collapse.

 

While Social Security remains viable for today’s retirees, another income loss has been the loss in stocks. Many retirees lost income in their investment programs and now don’t have the time to make up their losses so they are going back to work to build up new sources of income.

 

So if any or all of these changes are taking a financial toll on you, should you go back to work? Working part-time or even full-time might be a fully satisfying endeavor and provide the cash you need. However you should also consider getting the advice of a financial planner who may have some excellent suggestions on how to reduce your expenses or make best use of your assets.

 

The retirement years don’t need to be worrisome years. All you need is some understanding, evaluation, and planning to improve your financial situation for today and tomorrow.

 

 

 

 

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